Totem Foods Leases Commercial Space To Driver And Vehicle Services In Brooklyn Center
5501 North Xerxes Avenue
Building Size
8,330 SF
Asset Type
Commercial
Closing
May 31, 2024
AI
The property at 5501 North Xerxes Avenue in Brooklyn Center, Minneapolis, with a size of 8,330 square feet, was leased by Totem Foods to transform a former Big O Tires building into a Driver and Vehicle Services (DVS) inspection station. The lease was facilitated by Avison Young, with Totem Foods securing the lease for the space.
Summary of transation details:
- Property Type: Commercial
- Transaction Amount: Not provided
- Landlord: Totem Foods
- Tenant: Driver and Vehicle Services (DVS)
- Brokers: Jim Rock & Suzanne Schefcik - Avison Young
Jim Rock and Suzanne Schefcik from Avison Young's Minneapolis office represented Totem Foods in securing the lease for the property, with Driver and Vehicle Services (DVS) expected to occupy the space from September 2024. The leasing of this property aims to address the increasing demand for vehicle inspections due to supply chain challenges and high vehicle prices.
Players
Minneapolis Commercial Market Snapshot
Boundary boundary · Commercial · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93